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One of the most expensive mistakes retirees make with their money...
A lot of retirees have a mix of IRA and non-IRA accounts…and which account you choose to pull income from each year can make or break your overall tax bill. Most people assume: “I should take all my income from my non-IRA accounts so I pay less tax.” Makes sense at first glance. IRA withdrawals are taxed as ordinary income (often 24–32% or more for higher income families), while non-IRA withdrawals are taxed at capital gains rates (often around 15%). But here’s the problem: If you only pull from your non-IRA accounts to “keep taxes low,” you’re setting yourself up for an unwelcomed tax surprise later. Once those accounts are drained, every dollar will need to come from your IRAs. And suddenly you’re paying higher tax rates on all your income. That often leads to much higher taxes over the course of retirement, not lower. The smarter approach? Blend your withdrawals across account types to manage your tax bracket over multiple decades, not just this year. Your retirement income strategy shouldn’t just answer how much to withdraw, but also where to take it from. Get this right, and it can save you thousands over your retirement. If you’re not sure which accounts you should be drawing from, or in what order, this is one of the most impactful conversations you should be having with your financial planner. We’re always here to help. #RetirementPlanning #TaxStrategy #WealthManagement #FinancialPlanning #RetirementIncome #TaxEfficientInvesting #IRAStrategy #HighNetWorthPlanning #FinancialAdvisor #StrategicFinancial #TaxSmart #MoneyTips #WealthBuilding #FinancialLiteracy #MoneyMatters #TaxPlanning
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